The New Tax Law and Carlisle

January 4, 2018

Happy New Year to all! And, happily, 2018 will bring with her some new tax-saving opportunities for Carlisle families. In short, the Tax Cuts and Jobs Act signed into law in late December allows those contributing to 529 plans to use that money for K-12 private school tuition. Previously, money placed in 529 accounts could be accessed only to pay college tuition. Now funds from these accounts, which provide a number of tax advantages, may go to pay tuition at schools like Carlisle.

We are exploring the possibility of offering an information session for parents who might be interested in setting up such an account. Please e-mail me at thudgins@carlisleschool.org if you would like to attend such a program.

Earlier versions of the bill threatened our ability to offer tuition remission to employees as an untaxed benefit. This would have cost both the school and its faculty and staff a good deal of money. Thankfully, this item was removed from the compromise bill and thus did not become part of the new law.

Again . . . please let me know within the next week if you would like us to offer a program on 529 accounts. We will try to set one up as soon as possible to allow you to take full advantage of the new law.